Emerald Bay Energy Spuds Bauer Prospect Wildcat Well
CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / February 14, 2019 / Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) (the “Company” or “Emerald Bay”) announced today that drilling of the wildcat test well has commenced at the Company’s Bauer prospect in South Texas. The well was spudded at 4:36 Central Time yesterday afternoon, and it is anticipated that drilling operations will take up to two weeks.
Management has imposed “tight-hole” status on the well, whereby drilling data and geologic information will be kept confidential until such time that the Company has assessed the results and secured any additional mineral leases to enhance the prospect.
The Bauer wildcat test well is the first well drilled with the Company’s partner Cotulla Energy Resources Ltd. (“Cotulla”). Under terms of the agreement, Cotulla will pay 100% of the costs of the well to earn a 75% interest. As managing partner and operator, Emerald Bay earns a 25% interest in the well at no cost to the Company. Furthermore, the Company looks forward to integrating the experience and expertise of the Cotulla partners in the drilling of the Bauer wildcat well, as well as our exploration strategy going forward.
About Emerald Bay
Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) is an energy company with oil producing properties in Southwest Texas as well as non-operated oil and natural gas interests in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadeloupe, Texas, where the Company currently now owns a 50.00% working interest those projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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SOURCE: Emerald Bay Energy Inc.